Asra raises $2.5 million to accelerate exploration

Asra Minerals (ASX:ASR) has received binding commitments from investors, including the company’s directors and management to raise $2.5 million via a placement. 

The placement includes issuing 211 million fully paid ordinary shares at $0.012 per share, with 3 free attaching options for every 2 shares subscribed for. The placement options will have an exercise price of $0.018 and expire on 1 February 2026. 

GBA Capital acted as lead manager to the placement. 

Asra’s management and directors have also committed to contributing $500,000 to the placement, subject to shareholder approval. 

The $20.38 million market capitalisation company says these funds will be used to accelerate exploration across the company’s Western Australia portfolio, including geochemistry, exploration, and further expansion of the Lake Johnston and Lake Cowan projects in the southern Yilgarn region. 

“This placement provides a strong balance sheet that allows the company to accelerate exploration activities and technical studies across our lithium, rare earth, and gold projects in the highly prospective and richly endowed Goldfields region of Western Australia

Asra Minerals Executive Chairman Paul Summers says the company has been ‘strategically’ establishing a ‘significant’ exploration portfolio which has generated demand for this placement from existing and new shareholders. 

“This placement provides a strong balance sheet that allows the company to accelerate exploration activities and technical studies across our lithium, rare earth, and gold projects in the highly prospective and richly endowed Goldfields region of Western Australia.”

Further, the company has field teams looking at the current Lake Johnston portfolio and new opportunities to evaluate potential additions to the project. 

Asra Minerals is a multi-commodity explorer focused on targeting gold, lithium, and rare earths in the Goldfields region of Western Australia.

Write to Aaliyah Rogan at Mining.com.au     

Images: Asra Minerals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.